About the Program

High Frequency Trading (HTF) refers to the use of sophisticated
algorithms and powerful computer systems to process securities’
transactions at exceptionally fast speeds. Often, these trades are of a
high volume and the positions are held for an extremely short time.
More than 50% of U.S. stock trades are the result of HFT.

Proponents of HFT claim the practice benefits capital markets and
investors by reducing market volatility, lowering transaction costs and
improving liquidity. They are reluctant for government to introduce
regulations which may hinder these benefits.

Those concerned with HFT argue risk controls are ignored or
circumvented to obtain speed. Opponents also point to recent academic
studies which seem to indicate HFT actually increases bid-ask spreads
and volatility. They call for regulation ranging from a tax on high
volumes of order cancellations to a licensing requirement for HFT firms.

Who’s right? Join us on April 30th, hear from experts on both sides of the issue and decide for yourself. The program will be followed by a networking reception.

About the Speakers

SAL ARNUK, Themis Trading

Sal Arnuk is partner, co-founder and co-head of equity trading of
Themis Trading LLC. Mr. Arnuk has extensive experience in equities
trading and is an expert in electronic trading and market structure. He
is also the co-author of Broken Markets -- How High Frequency Trading and Predatory Practices on Wall Street are Destroying Investor Confidence.

Prior to Themis, Mr. Arnuk worked for more than 10 years at Instinet
Corporation, where he headed the team responsible for equity sales and
trading for major institutional money managers. He is a frequent
speaker at industry conferences on issues involving market access,
algorithmic trading and other sell- and buy-side concerns such as
Trader Forum, Waters, The National Organization of Investment
Professionals (NOIP) and Fusion IQ's Big Picture conference.

Mr. Arnuk also has co-authored articles for Traders Magazine, Dow Jones and Journal of Investment Compliance.

Mr. Arnuk graduated from New York University’s Stern School of
Business with an MBA in Finance and received a Bachelor’s Degree in
Finance from SUNY Binghamton University.

BERNARD DONEFER, Baruch College

Bernard Donefer is a Distinguished Lecturer and the Associate
Director of the Subotnick Financial Services Center at Baruch College,
CUNY. He is an Adjunct Associate Professor and Fellow, Center for
Digital Economy Research at NYU Stern and was previously Adjunct
Assistant Professor at Fordham.

Professor Donefer enjoyed a 35-year career in the international
financial services industry, working with banks, exchanges, regulators
and securities firms in the US, Europe and Asia, before beginning his
teaching career in 2003. He is principal of Conatum Consulting LLC. He
teaches “Risk Management for Non-Quants”, “Capital Markets Bootcamp”
and the “New Equity Markets” at public seminars and to corporate
clients such as the SEC, FRB, DTCC, IIROC, Alliance Bernstein, Getco,
ITG, etc. in the US, Canada and Europe. He has been an expert witness
in financial software patent and fraud cases, testifying in federal
court.

A frequent industry commentator, Prof. Donefer chaired and moderated
panels at algo and hedge fund trading conferences on the challenges,
risks and opportunities of electronic trading in global markets. He has
been quoted in the NY Times, WSJ, Bloomberg, FT, IBD, Reuters print and
TV, BBC World Service, etc.